Unacademy, the prominent edtech company led by Gaurav Munjal, is experiencing a series of high-profile departures, with its Chief Financial Officer (CFO), Subramanian Ramachandran, being the latest to resign, according to reports.
This marks the second senior-level departure from the edtech startup in recent months. The Morning Context reported that Ramachandran has submitted his resignation and is currently serving his notice period, as per inside sources.
In August, Unacademy's Chief Operating Officer, Vivek Sinha, also stepped down. However, the company has not yet provided an official statement regarding this recent development.
The online edtech sector in India has been facing significant challenges, with a considerable slowdown since the previous year. In November of the previous year, Unacademy had to lay off approximately 10 percent of its workforce, amounting to around 350 employees. This was followed by another round of layoffs in March this year, resulting in a further reduction of approximately 12 percent, impacting over 350 employees.
Gaurav Munjal had announced these measures as a response to the prevailing economic challenges, emphasizing the importance of running a profitable business in the face of a recession and limited funding. The company's goal was to adapt to these changes, operate more efficiently, and create real value for its users and shareholders.
Unacademy's software-as-a-service platform, Graphy, also had its share of layoffs recently, affecting around 20-30 percent of its workforce, approximately 50 employees, as part of a restructuring initiative. The company clarified that these job cuts were performance-based and not related to layoffs or revenue growth plans.
Despite these challenges, both Unacademy and Graphy remain committed to their missions and continue to strive for growth and success in the education technology sector.
(With Agency Inputs)